UCO Bank Q4 net falls 9.5% to ₹525.77 crore as operating profit declines

State-run UCO Bank on Monday reported a 9.5 per cent year-on-year fall in its standalone net profit to ₹525.77 crore for the fourth quarter last fiscal as operating profit declined during the period.

The Kolkata-based lender had posted a net profit of ₹581.24 crore for the fourth quarter of FY23.

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The bank’s operating profit for Q4FY24 stood at ₹1,272.87 crore as against ₹1,357.05 crore for Q4FY23, according to a stock exchange filing.

During the period under review, the total income of the bank grew 17.44 per cent year-on-year to ₹6,984.61 crore from ₹5,946.94 crore in the year-ago period.

Its gross NPA ratio fell to 3.46 per cent for Q4FY24 from 4.78 per cent in the same quarter of the previous financial year, ensuring an improvement in asset quality.

Uco Bank’s board approved a capital raising plan of around 400 crore shares of face value ₹10 each through various modes like QIP, FPO, etc and in multiple tranches during this fiscal.

The board also recommended a dividend of ₹0.28 per share of face value ₹10 each for the last financial year.

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